The size of the energy fund will reach $2 billion

Dünya Executive - - POLITICS - ECE CEYHUN

Treasury and Finance Minister Berat Albayrak announced that banks were still working on establishi­ng an energy fund to overcome the blockage in the energy sector. The size of the fund is expected to reach $2 billion, or TRY 12 billion. “We have a joint project with five banks. Three banks agreed to

fund the project. Now, if the other two banks approve, we plan to set up a joint fund. And we want to start as soon as possible,” Garanti Bank Executive Vice President, Ebru Dildar Edin, said.

Edin also shared figures regarding loans and non-performing loans in the energy sector. The total amount of loans the banking sector issued to the energy sector is $70 billion. $23 billion of these loans have been paid back already. $40 billion of the remaining $47 billion is in production facilities and $7 billion is in delivery facilities. Also, 60 percent of this $40 billion – $24 billion – are allocated to renewable energy projects supported by YEKDEM.

The amount of loans that need restructur­ing is around $12-13 billion. However, approximat­ely $10 billion of these projects can be restructur­ed without being included in a fund or by rescheduli­ng. Therefore, a loan of $1.5-2 billion or approximat­ely TRY 12 billion will be included in funds, says Edin.

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